As Bitcoin marched toward $67,000 this week, traders and analysts admit a wider breakout is all but inevitable. Notable Russian crypto expert Alexey Mokrov, founder of Cryptobotpro, shares that it looks like the market has finally begun showing signs of life.
Mokrov informed the Russian newspaper Izvestia on October 16 that Bitcoin (BTC) could grow to $70-75K really soon. He said, “The market has strengthened, and we may soon witness major players driving the price upwards.” This outlook would mark a high after the fall started slowly and miners encountered troubles, but it is looking to be much brighter in at least the month’s final two weeks.
The recent price action for Bitcoin has sparked long-awaited and hopeful bullish relief, with this range becoming an important narrative target among investors over the past few months. Other industry experts think that the upward momentum will continue, and having large players such as institutional investors join could press prices up further towards December.
October Payback for a Slow Start
Mokrov acknowledged that the mining environment was difficult in the early part of the fall as this led to less rewards and a volatile market. That said, October has energized the market. “October seems to have decided to compensate for the losses and cheer up market participants somewhat,” Mokrov said. He also thinks the his prediction could come true, despite more liquidity and with institutional buyers starting to move in.
Nevertheless, Mokrov stated that corrections are still probable. “There is always a chance that mining fluctuations could cause a correction to $60,000,” he said. His take is symptomatic of the crazy world that cryptocurrency markets can be; one day rallying over 50% and a few weeks later down swinging more than half that, even during what many might consider to be still bullish conditions. That being the case, the crypto expert emphasized that traders should stay cautious as the crypto markets are notoriously unpredictable.
This sentiment has been echoed by other crypto market analysts as well but they are also aware of the risk associated. The market may remain unpredictable due to influences like global economics, and with a new U.S. administration in office, there are several ways Bitcoin could take a strange turn.
Ethereum and Solana – Trends?
He also highlighted Ethereum (ETH) and Solana (SOL) while talking about other cryptocurrencies that could see themselves gaining from the positive market environment. Mokrov noticed that with the continuous demand for decentralized finance (DeFi) services as well as non-fungible tokens (NFTs), Ethereum could grow up to $3,100. This, according to the Russian crypto expert, explains why Ethereum has been skyrocketing in prices and global adoption, as its platform plays a kingmaker of sorts.
Just as Bitcoin has its own risks and uncertainties, so does Ethereum. Mokrov said that if interest in DeFi and NFTs fades, a fall back to $2,400 is possible. “If the demand for DeFi and NFTs falls, we could see a retracement to lower levels, but the overall trend remains positive,” he described.
Mokrov made similar remarks about Solana (SOL), another blockchain network with high scalability and low transaction costs, calling attention to the increased activity on this front. He predicted that if the project will function normally, attracting interest from users and developers, the price of SOL could reach $180. But like all assets volatility is possible as well. Mokrov warned that any unexpected technical problems could send Solana crashing into the $140 levels again, serving as a reminder of how speculative bets on cryptos can be.
Economic and Geopolitical Factors
Bitcoin is not the only cryptocurrency whose doom and gloom predictions have been made by Mokrov. The crypto market is furthermore being influenced by broader economic and geopolitical factors. Matters such as the imminent U.S. presidential election or global economic conditions that could come to be vital for crypto prices, are important from both Mokrov and other analysts’ perspective.
Dary McGovern, Chief Operating Officer at Xapo Bank, weighed in further, adding, “We’re witnessing an increased adoption of Bitcoin globally, with its market cap currently sitting at $1.3 trillion.”
“With the supply of Bitcoin capped at 21 million, combined with growing global demand and increased pressure on the Federal Reserve to debase the value of the dollar, I expect the market cap of Bitcoin to eventually surpass that of gold,” McGovern told sources. “This could create significant upside potential from current prices, particularly if Bitcoin continues to gain traction as a store of value and hedge against inflation.”
Bitcoin and its broader cryptocurrency market are still trading in the shadow of these large economic & geopolitical factors. However, crypto experts believe that the biggest factor keeping crypto away from a long-term bear market is political and financial events in the U.S.
Hope Over Uncertainty
There will always be a threat of volatility and uncertainty in markets or infinite potential, but Mokrov looks at the bigger picture. These claims of such high prices may seem outlandish, and they are speculative but in the reality that institutional acceptance will continue to drive Bitcoin’s value higher combined with macroeconomic conditions being right, there is no doubt Bitcoin could go up this far.
None of this is meant to be taken as gospel; rather, it’s a way for traders and investors to gauge whether these predictions will come true when the end of October nears.
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